HDFC BANK LIMITED Vs. THE STATE OF TAMILNADU

JUDGEMENT

(1.) These revisions are filed by the HDFC Bank Limited, under Section 60(1) of the Tamil Nadu Value Added Tax Act, 2006, questioning the correctness of the orders of the Sales Tax Appellate Tribunal, holding the bank liable to pay sales tax.

(2.) Heard Mr.Joseph Markos, learned Senior Counsel appearing for the petitioner. Mr.A.N.R.Jayapratap, learned Additional Government Pleader (Taxes) takes notice for the respondent.

(3.) The appellant is a bank and it was assessed to tax under Section 22(2) of the Tamil Nadu Value Added Tax Act, 2006 for the assessment years from 2007-2008 to 2010-2011 by the Assessing Officer. Subsequently, it was noticed that the petitioner bank had sold thousands of repossessed vehicles from defaulting customers. On the ground that these sales were not reported in the returns and the necessary tax was not paid, the Assessing Officer resorted to revision of assessment under Section 27(1)(a) of the Act.